, Hong Kong
43 views

Here’s five focus areas of HKMA’s Fintech 2025 strategy

The HKMA eyes fully digital banks, next-generation data infrastructure and more.

The Hong Kong Monetary Authority (HKMA) has unveiled its new “Fintech 2025” strategy, outlining its plans to accelerate fintech development in Hong Kong.

“Fintech is, without doubt, a key growth engine for the financial industry in the post-pandemic era, and now is the right time to double down on our efforts to grasp the opportunities,” HKMA Chief Executive Eddie Yue said.

“’Fintech 2025’ sets out our vision in this regard. I urge all stakeholders to join forces with the HKMA. Together, we can take our city’s fintech ecosystem to new heights.”

Yue also outlined the five focus areas of the Fintech 2025:

  1. Digitalising banks

The HKMA will continue to promote the adoption of fintech by Hong Kong banks in its bid to encourage all bank operations to go digital. It will be launching a Tech Baseline Assessment to review how banks are adopting fintech, including their plans in the next years. It will also issue supervisory guidance to facilitate fintech adoption.

  1. “Future-proofing” Hong Kong for digital currencies

The HKMA will continue its collaboration with the People’s Bank of China in the technical testing of e-CNY in Hong Kong. This is intended to provide a convenient means of cross-boundary payments.

The HKMA, with the Bank for International Settlements Innovation Hub Hong Kong Centre, has been conducting research on retail Central Bank Digital Currencies. It is set to begin study on e-HKD to look into its benefits and risks.

  1. Next-generation data infrastructure

The HKMA will lead efforts to enhance data infrastructure, including commercial data interchange, digital corporate identity and Distributed Ledger Technology (DLT)-based credit data sharing platform.

  1. More Fintech-savvy workforce

The HKMA will be working with strategic partners to increase supply of fintech talents. Amongst its initiatives include the Industry Project Masters Network (IPMN) scheme, which will provide internship opportunities in banks’ fintech projects to postgraduate students. It will begin in September.

  1. Fintech funding and policies

The HKMA, along with key industry players, will establish the Fintech Cross-Agency Coordination Group to create the Hong Kong fintech ecosystem. The HKMA will also be involved in the Hong Kong Growth Portfolio which reinforces Hong Kong’s standing as a financial, commercial and innovation center.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Hongkong Business in your inbox
The manufacturing firm will issue 250 million shares in its global offering.
The Group recorded a $26.7m loss last year.
A new government rule plans to tighten public access to company director’s personal info.
But full employment is still a long way ahead.
The tighter border restrictions will take effect on 18 June.
The company will be offering $10m worth of incentives to promote vaccination.
Total exports for outward processing amounted to $134.6b during the quarter.
The airline earned an overall score of 4.6 out of 5 in the Air Cargo Excellence Survey.
It will increase the rate to 0.13% starting 1 August.
The new threshold applies to Hong Kong Electric and CLP Power Hong Kong.
The Singapore-Hong Kong air travel bubble has been pushed back again.
Changes in consumer behaviour as an impact of the pandemic may be here to stay.
The list includes policymakers, visionaries and entrepreneurs from all over the world.
Mortgages and credit card demand rose, whilst unsecured credit hit a historical low.
But it flagged points of exposure to macro-financial risks.